Montreal, QC, Canada - August 4, 2009 - ISee3D Inc. ("ISee3D") (TSX-V: ICT) is pleased to announce it has entered into an agreement with Thomas N. Mitchell and Inxsys Management Inc. ("Inxsys") to acquire a series of patent applications and proposed patent applications in connection with certain aspects of ISee3D's existing patented technology to potentially broaden and strengthen its existing 3D capture patent portfolio. ISee3D plans to file these patents in strategic countries in the future.
"We already have a strong IP position with several existing patents regarding our 3D capture technology," commented Dwight Romanica, CEO and President of ISee3D. "Nevertheless, we are always looking for new patents that can broaden our 3D claims, add extra layers of IP protection, and extend the exclusivity of our technology, all of which we anticipate this agreement with Inxsys will accomplish."
As part of the agreement, subject to regulatory approval, ISee3D will issue 1,000,000 common shares (the "Shares") of ISee3D to Inxsys at a deemed price of $0.22 per share. The Shares are subject to a hold period of 4 months and one day (the "Hold Period") from the date of issuance. In addition, pursuant to the terms of the acquisition agreement, the Shares will be escrowed and releasable as to 400,000 Shares upon the expiry of the Hold Period, and a further 75,000 Shares per month thereafter over a period of eight months.
Inxsys is a company owned and controlled by Tom Mitchell, a Director and Senior Officer of ISee3D.